I am a CPA in Texas with an MBA from the University of Chicago. I have seen a lot and made many mistakes. Hopefully by now I will have learned something from them. Just as importantly, you may learn something from my mistakes. You can e-mail me by clicking on my "View my complete profile".

Tuesday, January 13, 2009

SEC Wins One

"The [SEC] recommended against suspending fair-value accounting rules, instead suggesting improvements to deal with illiquid markets and reducing the number of models used to measure impaired assets. ... The banking lobby has argued that financial institutuons have been forced to write off still-valuable assets because the market for them has dried up creating a spiral of write-downs and asset sales. The report said that staff found no evidence to suggest that the accounting rules has played a significant role in the collapse of U.S. financial institutions", Michael Crittenden at the WSJ, 31 December 2008.

Anonymous:Look up in the sky. "It's a bird. It's a plane. No, it's the" Mossad? With apologies to the 1952-58 Superman television show. We need the Mossad to do "an Eichmann". Kidnap the miscreants, pack them into banana crates, then send them to India or China. Does that work for you?Madoff is Jewish, the Mossad can start with him.